How Renowned Oil Mogul, Dr Fatuyi Yemi Phillips Allegedly Swindled Businessman of N43.5m, dragged Before Lagos High Court
A Nigerian Businessman, Mr Solomon Akinjo has dragged the Chairman of the Natural Oil and Gas Suppliers Association of Nigeria, (NOGASA), Lagos Zone, Dr Fatuyi Yemi Philips, before a Lagos State High Court sitting in Ikeja over an alleged fraudulent conversion and embezzlement of N43,502,000.00 (Forty Three Million, Five Hundred and Two Thousand naira.)
Alleged N43.5million Fraud: NOGASA Chairman, Dr Fatuyi Yemi Phillips Dragged To Court
According to the writ of summons filed on behalf of Mr Akinjo And two order Claimants by Amos Isaac Tasheyon, Esq. Of Amos & Associates Solicitors, Dr Fatuyi Philips and his Company Oceanview Oil and Gas limited were dragged before the Ikeja High Court of Lagos State for allegedly reneging on his contractual agreement with Mr Akinjo who in 2016 outsourced the exchange of Naira to Dollars to him and was expected to remit the exchange equivalent to a company called DMCC, United Arab Emirates for the purchase of certain raw materials.
However after Dr Philips, who’s the 2nd Defendant and also the Managing Director and Chief Executive Officer of Oceanview Oil And Gas Ltd, the 1st Defendant in the suit, collected the said sum of ₦43, 502,000.00 from Mr Akinjo for the dollar outsourcing, he thereafter allegedly refused to execute the contract by supplying the dollar amount of the naira paid to him through his company. Consequently the defendants reneged on honouring the contract.
In the case filed before the Ikeja High Court of Lagos dated 17th March, 2022 with Suit No: ID/ADR/2105/2022, the Claimants are praying the court among other things to compel the Defendants to immediately refund the sum of N43,502,000.00 along with interest on the principal amount, legal cost and cost of damages to the plaintiffs.
The Statement of Claim listed particulars of fraud allegedly committed by the Defendants, Dr Fatuyi Philips and his company Oceanview Oil and Gas Ltd, to include a fictitious company address located at 10, Akinosho Street, Ijeshatedo, Surulere, Lagos which turn out to be Emmanuel Apostolic Church owned by the Defendant’s father.
The 2nd Defendant, Dr Fatuyi Yemi Philips who is also the Chairman of Fatuyi Philips Foundation allegedly made false representations to the Claimants (Mr Akinjo and others) that he could help with sourcing the dollar equivalent of the said sum (N43,500,000.00), and payment of the equivalent in dollars to a company in Dubai, UAE after receiving funds from the Claimants.